<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462020000300295</article-id>
<article-id pub-id-type="doi">10.21919/remef.v15i3.514</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Tasa de política monetaria en México ante los efectos de Covid-19]]></article-title>
<article-title xml:lang="en"><![CDATA[Monetary policy rate in Mexico due to the effects of Covid-19]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sánchez Vargas]]></surname>
<given-names><![CDATA[Armando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[López-Herrera]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Nacional Autónoma de México  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2020</year>
</pub-date>
<volume>15</volume>
<numero>3</numero>
<fpage>295</fpage>
<lpage>311</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462020000300295&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462020000300295&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462020000300295&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen La crisis económica alimentada por el Covid-19 ha producido choques de oferta y demanda que afectan al producto potencial y a las preferencias de los consumidores, impacto que sugiere que la tasa real neutral de interés se modificó y, por ende, la tasa real de interés debe ajustarse para no generar una contracción económica más profunda en México. Estimamos el valor de la tasa neutral utilizando el método de Laubach y Williams, basado en el filtro de Kalman, y confirmamos los resultados con un modelo cointegrado de vectores autorregresivos (CVAR). Los resultados muestran que la tasa real neutral, teóricamente congruente con el pleno empleo y la meta de inflación, se reduce hasta 0.1% y la nominal hasta 3.1%, lo que sugiere la existencia de suficiente espacio para una política monetaria expansiva que permita enfrentar la crisis e impulsar la actividad económica durante al menos tres años.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The economic crisis feeded by Covid-19 has produced supply and demand shocks that affect the potential product and consumer preferences, an impact that suggests that the neutral real interest rate was modified and, therefore, the real interest rate should be adjusted so as not to generate a deeper economic contraction in Mexico. We estimate the value of the neutral rate using the Laubach and Williams method, based on the Kalman filter, and confirm the results with a cointegrated vector of autoregressions (CVAR) model. The results show that the neutral real rate, theoretically consistent with the full employment rate and the inflation target in Mexico, is reduced to 0.1% and the nominal to 3.1%, which suggests the existence of enough room for an expansionary monetary policy that allows facing the crisis and boost economic activity for at least three years.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Covid-19]]></kwd>
<kwd lng="es"><![CDATA[pandemia]]></kwd>
<kwd lng="es"><![CDATA[política monetaria]]></kwd>
<kwd lng="es"><![CDATA[tasa de interés]]></kwd>
<kwd lng="es"><![CDATA[crisis mundial]]></kwd>
<kwd lng="en"><![CDATA[Covid-19]]></kwd>
<kwd lng="en"><![CDATA[pandemic]]></kwd>
<kwd lng="en"><![CDATA[monetary policy]]></kwd>
<kwd lng="en"><![CDATA[interest rate]]></kwd>
<kwd lng="en"><![CDATA[global crisis]]></kwd>
</kwd-group>
</article-meta>
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